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posted Oct 17, 2020 8:20:25 PM

If I did a mortgage assumption - does this constitute as refinancing or as the original loan used to by the home?

This is in reference to:
"Is this loan a home equity line of credit or a loan you've ever refinanced?"

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1 Best answer
Level 15
Oct 17, 2020 8:23:06 PM

Think about this logically .... if you assumed someone else's mortgage when YOU BOUGHT the property then to YOU this is an original loan used to by the home.  

2 Replies
Level 15
Oct 17, 2020 8:23:06 PM

Think about this logically .... if you assumed someone else's mortgage when YOU BOUGHT the property then to YOU this is an original loan used to by the home.  

Level 15
Oct 19, 2020 3:01:09 PM

If I did a mortgage assumption does this constitute as refinancing or as the original loan used to buy the home?

For *YOU* it is the original loan. Your beginning balance on the loan is whatever the balance due was, on the date you became legally obligated to pay it.